Is owning a liquor store a good fit for me?

Ask what a liquor store asks of you, as well as what it earns. This is a retail business with heavy stock, long opening days and a duty to turn some customers away. Weigh how that feels for you and your family before any store is in view, and before you spend money on advisers.

Money tied up in shelves

A liquor store holds a lot of its capital as bottles on the shelf. Each product earns a small amount, so the business depends on steady volume and careful buying rather than a few big sales. Ask yourself whether you can live with cash sitting in stock, and whether a slow season would leave you short of room to keep ordering.

Responsibility at the till

The owner answers for every sale made in the store. Checking identification, refusing a customer who has had too much and training staff to do the same are daily duties, not occasional ones. If you dislike confrontation, or would struggle to say no to a regular, think hard about that. Your lawyer can explain what the rules ask of the licence holder. For the day-to-day picture, read what running a liquor store is like day to day.

Hours, family and security

Owners often work evenings, weekends and holidays, because that is when customers come. Theft is a real concern in a store full of portable, saleable goods, and it shapes how you staff, lay out the floor and spend on cameras. Nearby outlets compete on price and convenience, so look at who else sells within easy reach of the neighbourhood you have in mind.

Test the fit before you commit

• Talk to several owners, including ones who sold, and ask what they would warn you about.
• Work a few shifts, ideally a busy weekend evening, in a store that is not for sale to you.
• Ask your family how they feel about the hours and the financial load.
• Write down what would make you walk away, so you can check it later.